McGauchie's definitely not in the brass razoo stakes

"Telstra's multi-millionaire chairman has hit back at the "hysterical" public outrage over executive pay, defending corporate Australia against the growing "bosses are bastards" mentality.

Donald McGauchie - who approved a multi-million dollar golden handshake for Telstra's soon-to-depart chief executive Sol Trujillo - said the outcry of "us versus them" in response to job cuts is helping no one, as companies do all that they can to protect their employees and shareholders.

McGauchie, who was paid $602,500 last year for his role as chairman, owns nearly $500,000 worth of Telstra shares. Last year he attended nine board meetings - earning $66,000 per meeting.

Including his fees for board roles at James Hardie Industries and Nufarm, he earned a total of nearly $900,000 last year as a non-executive director."

Well that's nice work if you can get it.

I specially like the fact that Donald G. McGauchie AO (former National Farmers Federation president) was on the board of James Hardie Industries Ltd where his director compensation for 2008 was a lordly $189,192.00.

Was that before or after James Hardie tried to bilk asbestos victims? Oh, it went way back to during!

And is he the same McGauchie that SourceWatch claims tried to break the maritime unions, was once lauded by Li'l Johnnie Howard as an heroic figure for that same union busting and is still on the board of the Reserve Bank of Australia. [Sing Amen]

Why just last week McGauchie warned of tough economic times ahead - just not for him.

**Donald McGauchie's board affiliations according to Business Week.

I'm rather surprised to find Kevin Bacon missing from this list........

Maud up the Street reckons the well-connected Donald's probably a member of The Australian Club in The Big Smoke, but I'm betting on The Melbourne Club further south myself.